After years of relentless office space availability increases, Manhattan has finally dipped below 100 million square feet of available space for the first time since 2020.
Headlines are calling this a recovery milestone—but does it actually signal a turnaround for the office market, or is it just a reshuffling of the deck chairs on a sinking ship?
There are multiple factors at play that will determine whether this represents a sustainable recovery or just a temporary statistical fix. The key question remains: Is demand actually rising, or is the market just shrinking around a lower baseline?
 
Read on to learn:

• What’s behind the leveling off of absorption rates?
• Why sublease space is disappearing faster than expected
• The surprising fate of all that extra office space
• What the future holds for NYC tenants and how to navigate it